The sale of cutting rights for three harvests from the top-quality estate in the Green Triangle is regarded one of the best softwood growing regions in the Asia-Pacific.

UBS, which is handling the sale on behalf of the cash-strapped state, spent the past two weeks in North America on a roadshow, with feedback said to be positive. The investment bank will take few weeks to assess bids, with final offers due late July.

American tree-hugger Hancock Natural Resource Group already controls assets in Victoria and Queensland and would have cost advantages given its location.

It's now on the march for the 71,000 hectares of softwood timber on the auction block.

Hancock already got the tick of approval from the ACCC to move ahead on the deal. Other likely bidders include Oregon-based The Campbell Group, backed by the Future Fund, Global Forest Partners, Canada's Brookfield Asset Management, GMO Renewable Re­sources, Alabama's Resources Man­agement Service and Forestry Investment Associates. Sydney-based New Forest is also understood to be keen.